Speculators on Wall Street continued to push Walt Disney shares higher yesterday, anticipating a lively battle for control of the entertainment and media group after cable company Comcast's hostile $66bn (£35bn) bid on Wednesday.

Investors also began to calculate the potential pay-off for Disney chairman and chief executive Michael Eisner - if, as many expect, he is ultimately ousted.

According to Disney documents, he would be entitled to up to $24m in cash and be able to exercise share options worth more than $500m, despite criticism of his performance over the past few years.

With 100 or so research analysts and institutional investors gathered for a second day at a Disney conference in Orlando, Florida, the company did not publicly alter its position that it was "evaluating" the surprise bid from America's biggest cable firm.

Instead, the company was doing its best to convince the audience that it was finally turning the corner after years of underperformance. President Robert Iger said that Disney has "tremendous potential for substantial growth".

But behind the scenes, Mr Eisner was said to be scrambling to assemble a defence team, including Goldman Sachs and Bear Stearns, to fight the unsolicited offer.

There was conjecture that other bidders could enter the fray. Barry Diller - the Hollywood mogul who runs InterActiveCorp, the business behind Expedia.com - and veteran investor John Malone were named as likely candidates.

The Comcast offer valued each Disney share at $26.47 when it was launched. By the end of Wednesday, the shares were up 15%, at $27.60. At mid-day yesterday on Wall Street, the shares were another 65 cents higher at $28.35.

Time Warner was reported to be looking at a potential offer, but its television and film assets would raise regulatory worries in Washington. Investors might also be wary of a big acquisition at a time when the company is still trying to recover from the disastrous merger with America Online.

Viacom and General Electric already own broadcast networks, posing serious competition issues. Rupert Murdoch, who runs News Corporation, has already ruled out a bid.

There has long been speculation that Microsoft would use its cash pile to make a foray into a related area such as content or distribution. The group was once rumoured to be looking at BT and has been speculatively linked to Disney for several years.

At the very least, Disney investors were hoping that Comcast's offer was just the open ing salvo in a protracted takeover battle. Some analysts said the company would need to offer $30-plus per share.

Comcast began planning the bid in early January, having long coveted a content business. But according to the Wall Street Journal, the talk between chief executive Brian Roberts and Mr Eisner on Monday lasted less than five minutes; Mr Eisnersaid he liked Disney's strategy "just fine" and wanted to keep it "as is".